On April 3, 2025, U.S. President Donald J. Trump fulfilled what he promised during his campaign: he imposed import tariffs. And they’re hefty. (By the way, it’s not like the U.S. is doing something that others aren't. After the announcement of the U.S. tariffs, there were significant stock market losses, bond yields dropped, the prices of precious metals and crude oil plummeted, and the U.S. dollar depreciated significantly against the euro. Many politicians, mainstream economists, and business representatives are raising alarms, warning of a recession, unemployment, and the collapse of the international trade system. But is this justified? What will come out of the U.S. tariff policy? A podcast recorded 5 April 2025.